"Living standards"

[Jacobtm]

When people say things like "Since the 1970's, the living standards of the middle class have decreased by x%", what does that really mean? Is there some widely accepted way to determine living standards, such as wages vs. cpi, or does it vary based on who you're asking?

[Jacobtm]

Opebo/deadman:

So hypothetically if food, healthcare, entertainment, transport etc. are all available to a greater proportion of people at a lower cost now than in the past, but the rich/elite have consolidated more power than in the past, you would argue that living standards have decreased? Or are these things just products of political power, only attainable through the masses exercising relatively more power than the elite?